Teaser image from obsidian.net:
!--. X . X X . X X -->
<!-- To tenderness, fellowship. To fellowship, vigilance. So bring we all to the Night Market. I am the Spindle of Esenath. Know me by my light and stand with me in darkness. -->
Of course it could be Dungeon Siege 4, but that's too obvious. I guess we'll know tomorrow if that 4 is there to stay or if it counts down to a Friday reveal.
They have a new forum up for it: Project X Speculation & Discussion - This is a forum for Obsidian's next RPG endeavor. So secret not even its project codename is yet being revealed. Speculate here...
Project X is the codename of a SquEnix game developed by an external studio, a codename they also used for Dungeon Siege 3. Not sure this means anything.
The logo in that pic is an ouroboros, last seen in the Elder Scrolls Online. Also part of The Wheel of Time's logo. An Obsidian WoT RPG was revealed in February 2010 and I think that's the last time we heard of it.
Today on Twitter, J.E. Sawyer is like wink wink, nudge nudge (can't post the image because ERROR).
A month ago someone asked him on Formspring when is he going to kickstart The Black Hound. Check out the answer. The Black Hound is actually Baldur's Gate III, announced in 2002 and missing in action since then. A project very dear to Sawyer, who worked on a NWN2 module based on it for a while. Beamdog already said their BG3, if made, won't be based on The Black Hound.
The game can also be Icewind Dale 3. The D&D digital rights have reverted to WotC, so no more Atari monopoly on that front.
J.E. Sawyer was working on Defiance, an RPG set in a dark fantasy world after the bad guys (think Sauron) won. This was an older concept shopped around to various publishers. From what I hear - I don't have a link - this was in development for 7 months for the next Xbox before Microsoft pulled the plug in March. I suppose this is not what's teased because they laid off the Defiance team.
It can, of course, be a LOTR game - the "fellowship" and generic fantasy names and style sure remind me of LOTR. But Warner Interactive has no idea how to handle the franchise: they released some shit games, don't have anything worthwile for The Hobbit's launch and may or may not have cancelled a LOTR game after sinking 10 million dollars and more than 20 months in it.